‘Pools betting’ is also known as Parimutuel betting, for those who didn’t pay attention in French class, this is literally translated as mutual betting. If you participate in ‘pools betting’ your stake will go into a pool with all of the other stakes that are placed. The host of the ‘Betting Pool’ will the take a percentage of the collected stakes, with the rest of the ‘betting pool’ given to the winner/divided between the winners. Some state and national lotteries are a good example of a betting pool. Office sweepstakes are also based on this principle.
One of the most well known and little understood examples of ‘pools betting’ is the ‘Tote’ system. The ‘Tote’ is the sole bookmaker in the UK which is able to offer ‘betting pools’ for horseracing. Yet other bookmakers will offer similar bets, so you should check these out as well. Here we aim to explain some of the most popular horse racing bets you can place in the ‘Tote’ system;
Tote Win
The minimum stake required for this bet is £2. All you have to do is pick the winning horse, and place your ‘Tote’ win bet and over sixty percent of the time the Tote win will return more than the Starting Price.
Tote Place
This is a great bet as you don’t often find a bookmaker who will let you bet on the horse you have selected being placed ONLY. Usually you will have to back it each way which means half your stake is wasted.
Tote Each Way
The two above bets combined, this works the same way as any normal each way bet yet your winnings are calculated from the ‘betting pool’. It is most likely to be better or equal to the traditional starting price return.
Tote Scoop 6
Every Saturday the Tote nominates 6 televised races. All you must do is pick the winner of each race and for your £2 stake receive a phenomenal return plus the chance of a bonus win. The biggest Tote win was this very year (2009). A staggering £838,939 was won by 51year old Ron Nicholson, he had bet just £4. Mr. Nicholson’s bonus win race was the BetFred Gold Cup and he stood to win an additional £983,495 if he could just pick the winner, however, his luck had unfortunately run out, I am sure though that he wasn’t too disappointed.
Tote Placepot
One of the most popular horse racing bets around. Simply pick 1 horse for each of the 6 races nominated by the Tote as the Placepot races (usually the first 6 in any given meeting) that will at least be placed. The dividend for the Tote Place pot can be staggering, particularly if a couple of favourites are not placed, you will get a hefty return for your minimum £2 bet!
Tote Jackpot
Exactly like the Scoop 6 except, this runs every day except Saturday (when the Tote Scoop 6 takes its place). The Tote nominates a meeting and the first six races of that meeting constitute the Tote Jackpot, you pick the winner of each of the six races and you are rich! Once again this is a £2 minimum bet.
Tote Quadpot
Running late? Missed the first two races on the Tote Placepot? If so then this is the best bet for you. Races 3, 4, 5, 6 (of an specified meeting) will usually make up the Tote Quadpot. Have a horse placed in all 4 of these races and you have won as simple as that. The minimum stake for this is £1.
Tote Exacta
This is exactly the same as a conventional forecast bet, yet the returns can be much bigger, even with the minimum stake of £2. Choose a race and then pick the horse which will finish first and the horse which will finish second. A reverse Tote Exacta will double your stake but also your chances as it will not matter which horse finishes first just as long as your two selections make up the top two finishers.
Tote Trifecta
This is exactly the same as a conventional tricast bet, yet the returns can be much bigger, even with the minimum stake of £2. Choose a race and then pick the horse which will finish first, the horse which will finish second and the horse which will finish third. A full cover Tote Trifecta will increase your chances at as it will not matter which horse finishes first just as long as your three selections make up the top three finishers, this ends up being a total of six bets however.